Project Shelved
A friend of ours, who’s a big manager in a decent sized property firm, has decided to temporarily put on hold the launch of this bungalow and semi-D project they’ve been working on for more than a year now. They had initially planned to launch this project some time in August, or thereabouts. We were actually looking forward to this launch, they’re known for impressive (but not over-the-top) show houses.
We were just talking with him over the weekend, and he mentioned this when we asked him if the launch date has been set. He didn’t really divulge all the reasons why he’s decided to scrap the planned launch, even though he has already obtained his Building Plans and other approvals. He only mentioned that ‘timing is not right’ and ‘may wait a year or two and see first’ and that they’ve also decided to concentrate instead on another piece of land they own, which they are developing cheaper link houses.
We’ve actually seen the plans to these proposed semi-D and bungalows, and by our reckoning, they seem to fall in the luxury niche market, probably starting at about RM800k to RM1mil. Of course, this is our estimate, and had they decided to pursue to launch and sell them, they may have set the pricing differently. The project is on a small piece of freehold land just outside the city.
As far as we know, the issue of financial problems is out of the question, their earlier projects sold reasonably well and they also have interests in manufacturing.
Anyway, we didn’t discuss much about it, since these things aren’t free information to be thrown around. With forecasts of the market for higher end projects to be softening, perhaps it’s a good idea for them to adopt a ‘wait-and-see’ approach. Anyway, these guys are seasoned developers, they probably know a lot better than laymen.
Looks like more bad news for the economy. The high end properties are usually shielded as evidient from numerous high-end launches, esp. in Hartamas area. Any more info on the location of this shelved project that you can share?
Comment by preacher — June 23, 2006 @ 2:33 pm
it’s somewhere near the recent landslide…
but it has nothing to do with recent events.
Comment by Administrator — June 24, 2006 @ 1:22 pm
I guess it the bungalow project at Taman Melawati. Pretty impressive but not another hill project near Ulu Klang - at least not until the landslide phobia dies down. Economy and environmental factors are not working in their favour. Tried searching for the Riverside Garden City project from ASIE Sdn Bhd but can’t locate it in your blog. Would appreciate if you can give some pointers to this project. Compared to its nearby neighbour, Sentul East and West, which is a better bet for investment?
Comment by CKK — June 26, 2006 @ 8:22 pm
nope, we didn’t review riverside. so we really can’t comment on it in comparison to any other projects. sorry.
Comment by Administrator — June 26, 2006 @ 9:34 pm
sound like the project of semi-d that is supposed to surround a currently/already build two storey terrace house near the problem area. I have seen the big plan but until now that semi-d not yet build
Comment by i_seek_blessing — July 10, 2006 @ 5:31 pm